What’s your pension age?

[jowwy]

True, but, they are, as you say "add-ons" not everyone gets them, either because they were "contracted out", or, for some of the add-ons because their earnings were lower. Also, unless I am being robbed, the "add-ons" do not appear to increase annually with inflation, or, if they do, they do not increase at the same rate as the basic state pension, thus, causing erosion of their value.

As I said earlier, IMHO, we have all been shafted wrt to State Pension.

some of us may not even get a state pension in the future....so be lucky your getting one

 

[BoldonLad]

some of us may not even get a state pension in the future....so be lucky your getting one

I wasn't complaining. I made adequate. provision for my retirement, thank you,

 

[jowwy]

I wasn't complaining. I made adequate. provision for my retirement, thank you,

Just a few complaints, but your not complaining right??

 

[BoldonLad]

Just a few complaints, but your not complaining right??

View attachment 2579

As I said, no complaint from me, pointing out the situation is not complaining (at least not in my book), you, however, may think differently, such is life.

 

[fozy tornip]

What’s your pension age?​

Not sure, but my porn star name is Sox Thompson.

 

[Deleted member 28]

Not sure, but my porn star name is Sox Thompson.

'Butch Ferguson' .

Thought it was first pet and Mother's maiden name?

 

[Beebo]

https://www.bbc.co.uk/news/business-64949083

The headline leaked proposal from the budget which is being flagged up as great news is the lifetime allowance will increase from £1.07 -£1.8 million.

Whoopie. How many people, who are already very well off, will that affect?

In order to save that amount you need to be do be saving over £40k a year every year for 40 years.

I get that it will stop certain people from taking early retirement, but it isn’t helping the 99% of people who have no chance of saving anywhere near that amount. Who has £4k a month to invest into a pension?

 

[C R]

https://www.bbc.co.uk/news/business-64949083

The headline leaked proposal from the budget which is being flagged up as great news is the lifetime allowance will increase from £1.07 -£1.8 million.

Whoopie. How many people, who are already very well off, will that affect?

In order to save that amount you need to be do be saving over £40k a year every year for 40 years.

I get that it will stop certain people from taking early retirement, but it isn’t helping the 99% of people who have no chance of saving anywhere near that amount. Who has £4k a month to invest into a pension?

Yep, more tax deductions for already massively well off people.

 

[icowden]

If it goes up to 68 we will be £90k down plus the extra tax we will pay which probably makes it a £150k net gain to the government.
You can see the numbers are huge but I do feel rather let down with the constant movement of goal posts.

Not wishing to Jinx it, but that all depends on you getting there, and for how long you get to enjoy it.

My grandad passed away the year he was due to retire, and my father never reached retirement age. My grandma on the other hand retired at 60 and drew her pension for 43 years ( a final salary head teachers pension too - she really milked it!)

So swings and roundabouts...

 

[icowden]

In order to save that amount you need to be do be saving over £40k a year every year for 40 years.

I get that it will stop certain people from taking early retirement, but it isn’t helping the 99% of people who have no chance of saving anywhere near that amount. Who has £4k a month to invest into a pension?

Have you not spotted that this is Conservative Party policy now? Make wealthier people wealthier as this will magically help poorer people somehow, because rich people are notorious for running around spending all their cash and not at all moving it to offshore trust funds in the Cayman Islands.

 

[Bromptonaut]

https://www.bbc.co.uk/news/business-64949083

The headline leaked proposal from the budget which is being flagged up as great news is the lifetime allowance will increase from £1.07 -£1.8 million.

Whoopie. How many people, who are already very well off, will that affect?

In order to save that amount you need to be do be saving over £40k a year every year for 40 years.

I get that it will stop certain people from taking early retirement, but it isn’t helping the 99% of people who have no chance of saving anywhere near that amount. Who has £4k a month to invest into a pension?

If you put it like that it seems to be something that only bites the backsides of millionaires.

However, like lots of things that sound good a a headline there's a downside.

I don't know exactly how it works but I suspect it's the value of the invested pot or pots rather than simply a back count of what's been paid in during the investor's lifetime. If you're in a DB (ie final salary) scheme it's triggered on the basis of the assumed first years pension * 20 plus your lump sum.

If you're, say, a Consultant Surgeon on £140,000 pa aged 60 and with 35 years NHS service then your pension, even if it had only accrued in 80ths, would be £61k pa and a lump sum of 3* pension your in the trap. The issue then is penal taxation on further contributions to the pot and, AAIU, there's no way of stopping them being made.

While a salary at that level is a good annual whack I don't think anybody would say it wasn't justified.

The effect is to create an incentive to retire early where fewer years and an actuarial reduction for early payment allow you to limbo under the current limit ov £1.077million. A friend of the family who is also my Daughter's Father in Law took early severance from being Senior Partner in a GP practice not long after 55 on exactly that basis.

He's not the only one - it's a big factor in people whom the country can ill afford to lose from the Health Service saying sod it...

IIRC the government created an exception for Judges pensions as it was seriously affecting recruitment.

 

[BoldonLad]

https://www.bbc.co.uk/news/business-64949083

The headline leaked proposal from the budget which is being flagged up as great news is the lifetime allowance will increase from £1.07 -£1.8 million.

Whoopie. How many people, who are already very well off, will that affect?

In order to save that amount you need to be do be saving over £40k a year every year for 40 years.

I get that it will stop certain people from taking early retirement, but it isn’t helping the 99% of people who have no chance of saving anywhere near that amount. Who has £4k a month to invest into a pension?

Whilst I agree, this will be of advantage to better paid, it is not a question ONLY of personal savings, but, the size of the "Pension Pot", which is contributed to by both the Employee and the Employer, plus, of course, capital growth / investment income, if the "pot" is invested wisely. Even Daughter No 2 (a Maths teacher) would need a "pension pot" of approximately £500,000, to fund her expected pension, at todays rates, and, she has 17+ years of inflation to go, before retirement.

 

[Salty seadog]

Not wishing to Jinx it, but that all depends on you getting there, and for how long you get to enjoy it.

My grandad passed away the year he was due to retire, and my father never reached retirement age. My grandma on the other hand retired at 60 and drew her pension for 43 years ( a final salary head teachers pension too - she really milked it!)

So swings and roundabouts...

Who was doing the milking?

 

[slowmotion]

65.75 years approx.